HUGE sums of cash are flowing out of Italy amid fears the country's banks could fail and Rome may abandon the euro.

A whopping €354billion (£317bn) has been pulled out of troubled Italy this year - up €118bn (£105bn) from the same period last year, figures show.

Worried investors are fleeing with their cash, driven by worries the eurozone's third largest economy could crash out of the single currency if Prime Minister Matteo Renzi loses a looming referendum over constitutional change.

The leader promised to quit if the vote goes against him, which is likely to strengthen the anti-Brussels Five Star Movement.

The political party has been growing in popularity and has called for a referendum over the euro among other measures.